Senate moves forward on ILC legislation The Senate Banking Committee took a step toward solidifying the separation of banking and commerce Feb. 13 when it passed the Industrial Bank Holding Company Act of 2008. “This important legislation will close the ILC loophole that allows non-financial firms to own banks,” commented Floyd Stoner, executive vice president at the American Bankers Association. “The rationale for maintaining a separation between banking and commerce is clear.” The Independent Community Bankers of America was equally pleased. “This legislation is of vital interest to our nation&rsquo . . .
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